10-24-2016 Council Packet - Laserfiche WebLink

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- 24 - The City initiated an Alternative Urban Area-wide Review (AUAR) in 2005 of more than 4,000 acres in the northeast quadrant of the City, including the property in the Interstate 35E corridor, to assess the impact of future development scenarios in this area. The AUAR provides clear direction for future development regarding environmental and transportation improvements that will be needed, relieving development interests of project-by-project environmental assessments. The City and Anoka County, with financial assistance from the American Recovery and Reinvestment Act, reconstructed the Interstate 35E/County Road 14 interchange in 2010-2011. Recent project approvals include an 8,000 square-foot convenience store, a 13,000 square-foot liquor store, and a new McDonald’s restaurant located along the Interstate 35E corridor. Development activities continued to increase in 2015 and 2016. Residential permits were the highest since 2007 and commercial development showed signs of recovery as new construction activities and development planning emerged. The City recently approved preliminary plans for a 876-unit residential development by Mattamy Homes, Inc. In addition, DR Horton, Inc. entered into a purchase agreement with the City for 11 acres of land in the Legacy at Woods Edge development, and the 112-unit residential development received final approval in September 2016. Developers also broke ground on the 56-acre Clearwater Creek Business Park. This development includes the construction of a 402,000 square-foot building providing warehousing and fulfillment services. Residential Development The following table shows projected lot development in existing subdivisions for single-family homes: As of August 2016 Subdivision Total Lots Lots Remaining Century Farm North 6th Addition 29 29 Foxborough 57 4 Northpointe 22 3 Northpointe 2nd Addition 40 17 Northpointe 3rd Addition 41 29 Northpointe 4th Addition 31 31 Preserve of Lino Lakes 31 7 Saddle Club 28 16 Saddle Club 2nd Addition 17 15 Turnberry Crossing (Marshan Townhomes 2nd) 23 7 Woods Edge 60 60 Financial Institutions* City residents are served by First Resource Bank, which had total deposits of $36,758,000 as of June 30, 2016. In addition, branch offices of Farmers & Merchants Savings Bank; Wells Fargo Bank, National Association; and U.S. Bank National Association are located throughout the City. * This does not purport to be a comprehensive list. Source: Federal Deposit Insurance Corporation, http://www5.fdic.gov/idasp/main.asp.